More money news…..
Tomorrow is the last time you’ll be able to use your old paper £5 notes – ever!
The Bank of England have disclosed that around 150 million of its paper £5 notes remain in the public’s purses, wallets and piggy banks.
The good news is, the Post Office will continue to accept the notes as a deposit into any main UK bank account even after the notes cease to be legal tender. So don’t throw out those fivers just yet!
A Lloyds Banking Group spokesman said: “We’ll continue to accept them from our customers, either exchanging them for the new polymer note, or depositing it into their account, whichever they prefer.”
If you have piles of loose change stashed away in every one of your handbags and purses, then the time has come to dig up your hoard! The arrival of the new £1 coin is just a couple of weeks away. This means that shops will soon be able to turn down the old round pound coins.
The fancy new 12-sided coin is being introduced in an effort to lower the number of counterfeit pound coins. Currently, one in 30 are thought to be fake! The new £1 is set to hit our banks on March 28th. The round pound won’t be banished immediately (both coins will be accepted until October 15th). But it may be difficult to shift your out-dated £1 coins before the deadline.
The Bank of England has informed retailers that after that date, they are:
“under no obligation to accept the round £1 coin from customers and [they] should no longer distribute the round £1 coin”.
Money saving expert Martin Lewis explains why now is the time to track down your pounds and put them to good use.
There may be a few months left to sort things out, but:
‘it’s worth doing now as it’s all too easy to squirrel away money in piggy banks and forget about it.
‘Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near you. So it’s much better to spend them now.’
Now that is financial advice we can get behind!
Words: Annie Simon